Silver consumption will grow
In 2022, silver demand amounted to just under 39,000 tons, around 18 percent more than in the previous year, and the trend is upward.
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Silver consumption will grow
In 2022, silver demand amounted to just under 39,000 tons, around 18 percent more than in the previous year, and the trend is upward.
According to Silver Institute calculations from spring 2023, silver consumption is going up. Most demand comes from industry and overall demand is greater than supply. A major consumer of the precious metal is the solar cell industry. About 14 percent will be gobbled up by this sector, according to estimates from the Silver Institute. In 2014, it was only five percent. In addition, efforts are being made to produce solar cells using the latest technology. And in the process, 22 milligrams of silver rather than ten milligrams of silver are to be used per watt of output. For the silver market, this would result in a significant increase in consumption. At the same time, the International Energy Agency assumes that the production volume for solar panels will double by 2024. In terms of silver supply, hardly any expansions are expected. In 2023, silver production is forecast to grow by only two percent. Mostly, the precious metal (about 80 percent) will be sourced from gold, copper or lead and zinc mines. Primary silver projects are in the minority. Mexico has the world's leading silver mining area, the Fresnillo trend. Here, for example, MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has been producing since the beginning of June due to an investment. The company is also working on three other projects, such as the silver-rich Deer Trail project in the USA.
So the increasing silver consumption in solar cells and the increasing production of solar cells should please companies with silver in the projects. Moreover, the current silver price is hardly an incentive for the mining community to invest in silver production. Also in the silver country of Mexico is Discovery Silver - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - with its Codero silver project. At the immensely large deposit, the feasibility study will be completed in the first half of 2024.
Current corporate information and press releases from MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/ ) and Discovery Silver (https://www.resource-capital.ch/en/companies/discovery-silver-corp/ ).
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